69034

                                      AUDIT COMMITTEE
                                     BUDGET COMMITTEE


FROM: The Secretaries, Audit Committee and
           Budget Committee

                   Minutes of Joint Meeting held on Wednesday, March 28, 2012
                                 at 10:07 a.m. in the Board Room

Present:

Committee
Mr. Treffers (Chair)                  Mr. Huber
Ms. Mokate (co-Chair)                 Mr. Manao
Mr. Bangura (Acting Alternate)        Mr. Panov (Acting Alternate)
Mr. Cipollone                         Mr. Solomon
Mr. Fayolle                           Mr. Suescun (Acting Alternate)
Mr. Frieden                           Mr. Talat
Mr. Hasan                             Ms. Thakur (Acting Alternate)
Mr. Hayashi                           Ms. Thompson (Acting Alternate)

Other Executive Directors and Alternates
Messrs./Mmes. Alvarez, Ambroise, Ayesu, Baeten, Bor, Chan, Coronel, Diallo, Dib, Dufey, Gooch,
Hassan, Kavcic, Kurasawa, Larose, Li, Liu, Lutfi, Moongananiyil, Mufarrij, Mya, Nanu, Ncube, Nishino,
Pasi, Pedro, Rissmann, Ruggiero, Sovala, Stolorz, Szczuka, Takamura and Touret

Officers and Staff
Messrs./Mmes. Cannon, Daniel, Davies, Finneran, Frazier, Gandalfo, Lewis, Miles, Muleri, Nenova,
Ravi, Sundararaman, Pulley, Winsor, Berger (Audit Committee Secretary) and Jarik (Budget Committee
Secretary)

Smoothing Budgetary Contributions to the Post-Retirement Benefit Plans: Framework for a Post-
Retirement Contribution Reserve Fund

1.     The Committee discussed the paper entitled Smoothing Budgetary Contributions to the Post-
Retirement Benefit Plans: Framework for a Post-Retirement Contribution Reserve Fund (AC2012-0016;
BC2012-0001). The highlights and conclusions of its discussion were circulated to the Board
(AC/GS2012-0016; BC/GS2012-0006).

Date of Next Meeting

2.      The Audit Committee was schedule to meet on April 3, 2012 to discuss the FY12 Credit Risk
and Loan Loss Provisioning: Interim Assessment. The Budget Committee will next meet jointly with the
Audit Committee following that meeting on April 3, 2012 to discuss the Medium Term Business Plan and
Finance Framework.

Adjournment

3.     The meeting adjourned at 11:30 a.m.